In a 284-149 vote, the House of Representatives passed a bipartisan debt and budget bill intended to cover the next two years, and prevent shutdowns. The $2.78 trillion ($1.48 trillion military spending) measure lifts the cap on the size of the US debt.
Since the expansion of the debt amounts to spending more money that the government flat out doesn’t have, this legislation also authorizes the Treasury Department to issue more debt in the form of bonds to raise money to cover the difference.
The bill formalizes a compromise reached between President Trump and the House Democratic leadership. The bill was supported heavily by Democrats, while what opposition it did face was mostly Republican lawmakers who oppose allowing the debt to rise even further.
The $1.48 trillion will be military spending for the next two years. This is an increase over the existing NDAA for 2020 already passed by the House. Reconciling the House and Senate versions of the NDAA is still to be accomplished, and is expected to be the next thing the House tackles.
The entire $2.78 trillion deal encompasses all spending for the next two years, and while Democrats are bragging about increases in non-military spending as well, many are noting that the $1.48 trillion in military spending is a fair bit more than half, meaning the US will be spending more on the military in 2020-2021 than everything else combined.
While Republican hawks broadly voted in favor of this bill, because it was a spending increase, and as Sen. Mitch McConnell (R-KY) said that’s the “number one priority” for Republicans. Even then, a number of them were grousing about the fact that the spending on the military could’ve conceivably been even higher.
Trump was quick to cheer the legislation as a victory, and urged all Republicans to vote for it, Senate leaders are also supporting the plan on the general idea that it will increase spending and not threaten a shutdown.
While a lot of those who are concerned by the budget deficit were critical of the move to effectively ignore the growing debt for two more years, the reality is that every time military spending has come up against budget restrictions and the debt, a loophole has been found, and military spending increases.
This insane amount of money going to chaos, death, and destruction is disgusting.
However, of course, Antiwar.com’s spotlighted story today is yet another hit piece on the Russiagate investigation, this one an overlong, rambling story attacking among other things, the 75 year old Mueller as senile.
Way to toe the far right-wing agenda’s line! You go, grrl.
Corporate tax is only 7% of the US Treasury income. Party on, Garth.
I’d hope you wrote this cryptically free floating comment implying that we need to raise corporate taxes, but you know that’s never going to happen so long as corporate money continues to play the role it does in campaign financing.
We do, yes, but only because no imagination is allowed. Still, Biden will blow out Trump and corporate taxes will go higher.
I highly doubt that, Biden is an awful candidate. He’s Hillary all over again, with a smidge less entitlement. Here’s to raising corporate taxes, though.
This isn’t a problem at all, pass some tax cuts, that will totally eliminate the deficit in a mere infinity from now.
That’s what republicans always say .Just cut taxes and more money will float into the government . So you sure have the best and least painful way to lower the national debt .
we are really close to massive breakthroughs in health so why must we endlessly waste many millions (2970’s), billions (1990’s, 2000’s etc) on countless wars, military buildups when the new breakthroughs in biotech and nano-tech will enable us to control all disease and aging processes. Most of the worlds research and development budgets take a huge bite out of the monies available for basic and applies research budgets when people like Aubrey de gray have said (over 10 years ago, that a couple of billion dollars specifically spent on the aging and regenerative fields could yeld resonable discoveries. See http://www.fightaging.org http://www.sens.org http://www.mprize.org for instance
Why would we “fight” aging? Death is natural.
I don’t know about you, but I wish to live as long as possible.
This life is just the beginning! 🙂
Even those who are prepared to die, and are at peace with their God, will find death, to a certain extent, to be painful in a certain way (I believe). This is because as we die, we are forced to give up our ties to everything we have invested in this life, our work, hobbies, friends and loved ones, etc. Giving all that up is bound to be a somewhat difficult transition, regardless of what lies on the other side.
However, your point is well taken, and I certainly believe there is a God and a life beyond this one. And, perhaps it is somewhat like in the movie “Ghost”, that when you go you take all the love you have shared with you.
Peace, brother.
Economic illiteracy. The Federal government is the monopoly issuer of US$. It does not require revenue nor borrowing to spend.
Quite the reverse.
Absent government spending $ into the economy, the private sector would have no $ to pay the taxes.